【券商聚焦】西部证券维持快手-W(01024)“买入”评级指AI业务商业化加速落地

金吾财讯

May 26

金吾财讯 | 西部证券发布研报指，研报指出，快手-W(01024)2025年实现营业收入1427.76亿元，同比增长13%；归母净利润186.17亿元，同比增长21%。其中25Q4单季营收395.68亿元，同比增长12%，归母净利润52.34亿元，同比增长32%。

核心业务方面，公司用户规模保持稳健增长。25Q4日活跃用户(DAU)同比增长1.7%至4.08亿，月活跃用户(MAU)同比增长0.7%至7.41亿，单DAU日均使用时长126分钟。电商业务GMV同比增长12.9%至5218亿元，活跃用户复购频次同比提升。线上营销服务收入达236亿元，同比增长14.5%，公司依托AI技术提供AIGC营销素材生产、智能出价及营销推荐大模型等解决方案，提升客户营销转化效率。

AI业务商业化加速落地。2025年12月公司发布统一多模态视频模型可灵O1及可灵2.6模型，2026年2月推出可灵3.0系列模型，支持全模态输入与输出。可灵AI业务25Q4收入为3.4亿元人民币；2026年1月，可灵AI年化收入运行率(ARR)超过3亿美元。根据公司2026年5月12日自愿性公告，董事会正评估拟议重组可灵AI相关资产及业务的方案，或涉及引入外部融资。

西部证券预计公司2026年至2028年营业收入分别为1491.12亿元、1598.52亿元、1678.56亿元，同比增长4.4%、7.2%、5.0%。维持“买入”评级。

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